Costamare Inc. (CMRE) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you for standing by, ladies and gentlemen, and welcome to the Costa Mare Inc. conference call on the fourth quarter 2024 financial results. We have with us Mr. Gregory Zekos, Chief Financial Officer of the company. At this time, all participants are in listen-only mode. There will be a presentation followed by a question-and-answer session, at which time, if you were to ask a question, please press star then 1 on your telephone keypad and wait for your name to be announced. I must advise you that this conference is being recorded today, Wednesday, February 5, 2025. We would like to remind you that this conference call contains forward-looking statements. Please take a moment to read slide number two of the presentation, which contains the forward-looking statements. We'll pause one moment. Thank you. I will now pass the floor over to your speaker today, Mr. Zicos. Please go ahead, sir. Thank you, and good morning, ladies and gentlemen. During the fourth quarter of the year, the company generated an adjusted net income of about 82 million. Our liquidity stands at around 940 million after repaying during the year a fixed rate bond of Euro 100 million and also redeeming the Series E prefer stock of 115 million dollars. In the container ship sector, the crisis led to diversions via the much longer Cape of Hood haul route. These diversions, together with strong cargo demand, absorb the incremental new building capacity. The commercial idle fleet remained low during 2024 and at the start of 2025. Should, however, Linus gradually return to the Swiss route, the release of tonnage combined with new building capacity could potentially distort the current supply and demand dynamics. During this quarter, we charted on a forward basis 12 containers with an average time char...